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HCLTech shares plummeted as much as 6.3% on Monday, its biggest fall in nearly 17 months, as India's No.3 software services company forecast fiscal 2025 revenue growth below estimates.

The stock trimmed some losses to trade 5.62% lower at 1.392.05 rupees as of 12.06 p.m. IST, and was the biggest loser on the Nifty IT index, which was down 0.2%.

Including the day's move, HCLTech is down 5.2% so far this year compared with a 6% fall in the IT index. Larger rival Infosys was down 7.3%, while Tata Consultancy Services was up 2.1%.

The Noida-headquartered firm forecast revenue growth between 3-5% for fiscal 2025 on Friday, with CEO C Vijayakumar flagging a persistent macro overhang that is likely to hurt demand for a predominant part of the ongoing fiscal.

Brokerages signalled that the company's outlook was lower than Street expectations, with Jefferies calling it a "key negative surprise".

"At midpoint, this (FY25 revenue outlook) comes out to be slower than the 5% growth in FY24," brokerage Nirmal Bang said.

HCLTech management on Friday called out revenue pressure due to higher offshoring and the impact of the deal with financial services company State Street as the key reasons for the lower guidance range.

Market leader Tata Consultancy Services missed revenue estimates, although it said a strong deal pipeline will drive growth this fiscal year.

At least 18 analysts cut their target price for HCLTech after the results, with the median price target falling to 1,532.50 rupees from 1,635.50 rupees in March, as per LSEG data.